The following comes from a recent column by respected Journalist Abigale Field.   Things are very, very bad out there and they are only going to get much, much worse.

No, it’s not because homeowners that lost their jobs are not paying mortgages…..these folks were just the canaries in the coal mine. Our elected “leaders” should have been focused on the far more significant issues that the homeowner cases exposed.   But they did not. Our entire elected bodies, at both the state and federal level, have chosen to utterly ignore the devastating conduct of the banks….and we will all pay the price for this fatal and systemic failure of judgment.

And now from Abigale Field:

NYAG Validates Homeowners’ Standing Claims

Homeowners across the country have argued that the banks foreclosing on them couldn’t prove they had the right to foreclose. These standing arguments alleged that the loans were improperly securitized and as a result, the banks claiming the loans now didn’t have them rightfully. But the judiciary’s response has been mixed, at best.

But now the New York Attorney General is saying the same thing. As Adam Levitin highlighted on Credit Slips, the Attorney General’s filing states:

” “¦ The failure to properly transfer possession of complete mortgage files has hindered numerous foreclosure proceedings and resulted in fraudulent activities including, for example, ” robo-signing.” These fraudulent activities have burdened borrowers as well as the courts with flawed foreclosure proceedings.”

Abigale Field